Lipton and Herzberg Understanding Company Law 14th edition Chapter 7


ASIC Regulatory Documents – Fundraising

RG 254 Offering Securities Under a Disclosure Document

Offers That Do Not Need a Disclosure Document

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The Corporations Act imposes a general disclosure test for the contents of a prospectus as well as specific disclosure obligations. See  Understanding Company Law [7.95]-[7.120].

RG 228 Prospectuses: Effective Disclosure for Retail Investors

RG 170 Prospective Financial Information

RG 107 Fundraising: Facilitating Electronic Offers of Securities

RG 141 Offers of Securities on the Internet

Companies seeking to float on the ASX often make their fundraising documents available from their particular websites which are linked to the ASX site. View a prospectus from an upcoming ASX floats. A prospectus may be available to be viewed on the company’s own website which may be accessed via links from the ASX upcoming floats page.

I Ramsay, “Use of Prospectuses by Investors and Professional Advisers (2003)

E Boros “The Online Corporation: Electronic Corporate Communications” (1999)

E Boros and ASIC “Multimedia Prospectuses and Other Offer Documents” (1999)

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ASIC Lodgment of Disclosure Documents

Disclosure documents may be given to investors immediately after they have been lodged with ASIC. As discussed in  Understanding Company Law [7.90] a person who offers non-quoted securities cannot accept an investor’s application for the issue or transfer of the securities until 7 days after lodgment of the disclosure document with ASIC.

OFFERlist is an ASIC database containing all disclosure documents for fundraising offers lodged with ASIC. It aims to facilitate access to these offer documents during the required exposure period of 7 days.

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Hawking and Advertising

RG 38 The Hawking Provisions

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